The longer you’ve been in the business, the better known your brand becomes. People often look to see if you’re established and likely to remain operating for the foreseeable future. While longevity is never a promise of success, business owners who’ve already weathered a few storms are more likely to know some tricks to getting through new ones.
According to the Bureau of Labor Statistics, a mere 50% of businesses in the United States survive the five-year mark. About a third make it to 10 years and beyond. If you’re one of the lucky few to survive the first decade in business, you’ll have a much better chance of long-term success.
There are a lot of advantages to being around for decades and very few disadvantages. Here are some reasons why business longevity matters and how you can market your endurance.
1. Build Loyal Fans
Businesses that make it through economic downturns and tough times tend to have an army of devoted fans who talk them up to everyone they know. You essentially have a street team of influencers who let others know how great your product or service is.
Word-of-mouth marketing is one of the most powerful forms of marketing you could hope for. You don’t have to do anything but make sure your current customers love you and know you appreciate them. Asking them to share what you do with others requires a simple email or message, and many will be happy to help.
The North Face has an entire team of athletes who serve as brand ambassadors. They manage teams of climbers and other rugged outdoor sports enthusiasts. Because they are in the throes of whatever sport they represent, their recommendations hold a lot of clout. Their athlete representatives use their products out in the field and can speak to the specifications others in the sport need to know about.
2. Promote Usability
When you’re in business for a long period of time, you learn what your customers need and how to make your site and products usable and reliable. When marketing your longevity, point out that you’ve made mistakes, rectified them and know how to create a quality product you stand behind.
You may have made mistakes along the way, but as long as you learn from them and continuously improve your product and service, you’ll gain traction.
3. Highlight Your Experience
When you’ve been in business for decades, you have a pretty good idea of what your clients need. Explain how long you’ve been around and why other companies trust you to get the job done. You can even highlight some testimonials from customers who’ve stayed with you for years. They can probably explain better than anyone why they choose to remain with your company year after year.
Louisiana CAT highlights their more than 80 years in the industry. They point out that they’re a trusted partner and know the equipment inside and out, as well as what clients need. For someone new to the industry or looking for an experienced equipment provider, the reassurance of their knowledge is helpful.
4. Present a Clear Vision
When your focus is on staying in business for the long haul, you have to develop a clear vision of where you’re headed. Perhaps your goal is to build a company that will be around for your grandchildren to inherit. What do you want that brand to look like in 50 years and what do you need to do today to get to that point?
5. Develop a Specialty
When you’re in business for many years, it’s easier to develop something your brand is known for. You should have a special item that no competitor carries or that you’re known to be the best at making. Think about the needs of your customers and come up with an amazing solution. Devote an adequate number of hours to creating the absolute best product imaginable.
G.A. Schimpff’s Confectionery has been around since the 1800s. They are known for their Modjeskas and red hots. When you visit their store, they’re often in the process of creating one of the two types of candy and offer a free sample to people passing through. Being famous for particular types of candy helps them gain customers and orders.
6. Train Your Leaders
If you want your brand to have longevity, you must train tomorrow’s leaders. Successful companies have long-term company culture goals. Not only should you invest in current leaders, but also encourage them to build up the next generation of managers, passing down their knowledge along the way.
7. Know Your Audience
Marketing is a critical component of longevity. You must know who your customers are and what their pain points are. Once you understand the situations your users face, it’s much easier to provide insightful solutions. Dig into more than just the demographics of your clients. Get to know them on a psychological and emotional level, so you can market to them from their perspective.
Otis Elevators has been around for about 160 years. Over time, the industry changed, and Otis has managed to change alongside it. They’ve kept pace with higher skyrises and new developments in sensor-driven data and smart features.
Marketing Strategies
Think about the advantages of being around for a long period of time. Talk up your experience in the industry and your ability to see what is a trend and what is something that will last. Know who your audience is and use your past challenges to overcome today’s. With a little marketing effort and a lot of hard work, your brand will outlast the others around you and you’ll be able to highlight why you’re the best of the best.
Lexie is a digital nomad and web designer. When she’s not traveling to various parts of the country, you can find her at the local flea markets or hiking with her goldendoodle. Check out her design blog, Design Roast, and connect with her on Twitter @lexieludesigner.
